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There is some concern today that many Financial Advisers seem to be slacking when it comes to talking to their clients about the subject of Social Security. Columnist Veronica Dagher interviewed Nationwide Financial Distributors President David Giertz as to why this is so. Giertz stated that in a survey of consumers (both retired and those 10 years from retirement) conducted by the Nationwide Financial Retirement Institute. The survey results indicated that Advisers are generally not discussing Social Security with their clients. The survey also revealed that 4 out of 5 people indicated that they would in fact switch Advisers if their Adviser failed to discuss Social Security with them.
When asked why he believed this subject is being so widely neglected, Giertz stated that the Social Security handbook contains some 2,700 rules, and that many Advisers are likely intimidated at the thought of having to exhibit knowledge and understanding of this amount of information. He reiterated that Financial Advisers really need to be active in speaking with their clients regarding this so-important issue as Social Security can comprise as much as 40% of their income retirement planning process.
Another issue brought to light by the survey is the fact that for individuals who access their Social Security benefits too early, they may potentially lose up to $300,000 over 25 years, at a rate of $12,000 per year/$1,000 per month. In order to avoid this loss and optimize their retirement funds, it is crucial for a Financial Adviser to communicate fully all information regarding every aspect of their Social Security income.
David Luther Giertz became Senior Vice President of Nationwide Financial Distribution and Sales at Nationwide Life Insurance Company on April 3, 2013. He had been President of Nationwide Financial Distributors, Inc. since March 2013. In addition, he also holds the titles of Director, Senior Vice President, and President for a number of other Nationwide companies and has served as Nationwide Financial Services, Inc, Vice President of Sales; from 2009-2013 he also served there as FI/WH. From 2004-2009 as VP-NF Sales (Bank Channel).
David has over 30 years of experience, He is registered as a Broker with the Financial Industry Regulatory Authority (FINRA). He also serves as the Vice Chairman of Millikin University.